(Source: Norfolk Southern press release, October 23, 2025)
Norfolk Southern Corporation announced its third quarter 2025 financial results on October 23, 2025. For the quarter, revenue was $3.1 billion, income from railway operations was $1.1 billion, operating ratio was 64.6%, and diluted earnings per share were $3.16.
After adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, third quarter income from railway operations was $1.1 billion, the operating ratio was 63.3%, and diluted earnings per share were $3.30.
“Norfolk Southern delivered another quarter of strong results on safety, service, and productivity through a dynamic freight market,” said President and CEO Mark George. “The entire Thoroughbred team pulled together to serve our customers, achieve an all-time record in fuel efficiency, delivered on key productivity initiatives, and executed a noteworthy land sale that will ultimately deliver rail volumes for years to come. I’m proud of the way our team is performing with discipline and focus — driving results and strengthening our foundation for long term success.”
Third Quarter Summary
- Railway operating revenues of $3.1 billion, an increase of $52 million, or 2%, compared to the third quarter 2024, on flat volumes.
- Fuel surcharge revenue declined $30 million compared to third quarter of 2024, which represents a 1% headwind to overall revenues.
- Income from railway operations was $1.1 billion, a decrease of $498 million, compared to third quarter 2024 which included a $380 million benefit from railway line sales.
- Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, income from railway operations was $1.1 billion, up $21 million, or 2%, aided by $65 million incremental land sales, compared to adjusted third quarter 2024.
- Operating ratio in the quarter was 64.6% compared to 47.7% in third quarter 2024 which included the aforementioned railway line sales.
- Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, the operating ratio for the quarter was 63.3%. This represents 10 basis points of improvement from adjusted third quarter 2024 which was 63.4%.
- Diluted earnings per share were $3.16, down from $4.85 in third quarter 2024 which included the aforementioned railway line sales.
- Adjusting for merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, diluted earnings per share were $3.30, up $0.05, or 2%, compared to adjusted third quarter 2024.
Full story: www.nscorp.com